Allspring Global Investments Holdings LLC Has $437,000 Stock Position in Range Resources Co. (NYSE:RRC)

Allspring Global Investments Holdings LLC reduced its position in Range Resources Co. (NYSE:RRC) by 7.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 13,019 shares of the oil and gas exploration company’s stock after selling 1,062 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Range Resources were worth $437,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in RRC. Benjamin F. Edwards & Company Inc. grew its stake in shares of Range Resources by 333.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 666 shares during the period. Fifth Third Bancorp grew its stake in shares of Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after purchasing an additional 299 shares during the period. Perkins Coie Trust Co acquired a new stake in shares of Range Resources during the second quarter worth $67,000. SYSTM Wealth Solutions LLC grew its stake in shares of Range Resources by 17.9% during the first quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock worth $74,000 after purchasing an additional 325 shares during the period. Finally, Private Wealth Management Group LLC acquired a new stake in shares of Range Resources during the fourth quarter worth $73,000. 98.93% of the stock is owned by institutional investors and hedge funds.

Range Resources Stock Performance

Shares of NYSE RRC opened at $28.19 on Friday. The stock has a 50 day moving average price of $31.33 and a 200 day moving average price of $33.65. Range Resources Co. has a 52 week low of $27.29 and a 52 week high of $39.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The stock has a market capitalization of $6.84 billion, a PE ratio of 14.31 and a beta of 1.88.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The firm had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. During the same period in the prior year, the firm posted $0.27 earnings per share. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. Analysts predict that Range Resources Co. will post 2.08 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 1.14%. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Wall Street Analyst Weigh In

RRC has been the subject of a number of analyst reports. Wolfe Research initiated coverage on Range Resources in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Scotiabank raised Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price objective for the company in a research note on Tuesday, August 20th. Mizuho lifted their target price on Range Resources from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Jefferies Financial Group increased their price target on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, July 8th. Finally, Susquehanna lowered their price target on Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $36.74.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.